The hardest part of sales is the up and down nature of it. One year you’re driving a BMW and the next you’ve sold it for a 99′ Civic. Well, this article shows you how to never be surprised by your numbers as a sales development rep.
So what are the main data points we need to determine our effectiveness:
Top Level: The number of total activities it takes you to reach one booked meeting
What makes this up:
- Average # of calls to booked meeting
- Average # of emails to booked meeting
- Average # of social touches to booked meeting
Average Number of Calls
We know, on average, it takes 17 calls to get one answer in B2B phone prospecting.
So we can assume that you’re numbers will look similar, but take a sample size of at least 500 calls. So you must figure out this ratio, this is called your connect rate.
Let’s say that you make 100 calls and 3 people answer. Out of those 3, you book 1 meeting. In this instance, your connect rate is 3% because it took 33 calls before one person answered. But we also found a new statistic, your conversion rate. Your conversion rate is the number of prospect engagements it takes for you to book a meeting. In this instance, you booked 1 meeting for 3 engagements, so your conversion rate is 33.3%.
What we have so far:
- Connect Rate – 3%
- Conversion rate – 33.3%
Now we know that you can achieve 10 bookings by making 1,000 calls. And we can increase these bookings by changing three variables: Quantity, Connect Rate, or Conversion Rate.
You should attempt to match industry benchmarks and even beat them, especially within conversion rates because that is where you will beat your competition!
There you have it, you have reverse engineered your sales quota, and now you can adjust your practice accordingly to increase numbers.
By the way, you do the exact same thing for email and social touches.